SAN RAMON, Calif., May 7, 2014 /PRNewswire/ -- Commerce Mortgage, a national leader in real estate financing, celebrates 20 years in the mortgage financing industry this year. Rebranded as Commerce Mortgage in 2013, the company was founded by Simonich Corporation and Bank of Walnut Creek as BWC Mortgage Services in 1994. It has been privately owned since Bank of Walnut Creek was acquired by First Republic Bank in 2006.
Commerce Mortgage weathered an industry meltdown by eliminating the practice of funding stated income and sub-prime loans, significantly reducing risk of defaults in its portfolio. By 2008, it received Full Eagle status from the Federal Housing Administration and Housing & Urban Development organizations, allowing the mortgage originator to grow its market share. In 2010, the annual loan originations of Commerce Mortgage had surpassed $825 million. Showing exponential growth by 2013, its annual originations increased to $1.8 billion in its retail division. This year, the company has entered the wholesale lending channel, headquartered in Irvine, Calif. and spearheaded by financial industry veteran, Shabi Asghar.
"The evolution and growth of Commerce Mortgage over the past 20 years could not have been possible without the dedication and integrity of our team," expressed Scott Simonich, CEO and founder of Commerce Mortgage, at the company's celebratory dinner last month. "The industry intelligence of our mortgage professionals is one of the company's assets for which I am most grateful."
About Commerce Mortgage
Commerce Mortgage is headquartered in San Ramon, California and serves customers from a wide range of locations throughout California, Colorado, Nevada and Florida. Since 1994, the company has funded greater than 10 billion dollars of loans, delivering highly competitive financing with the utmost attention to personal service. With a strong, stable reputation in the real estate finance industry, Commerce Mortgage serves the lending needs of individual homebuyers, real estate professionals and builders throughout the Western United States. Its in-house underwriting and in-house documents and funding, allows loans to be approved within hours and funded within days. For more information about Commerce Mortgage, please visit www.commercemtg.com.
- real estate financing
- First Republic Bank